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Oil Prices Hit $60 Per Barrel

Written By Luke Burgess

Posted May 12, 2009




Crude oil prices rose above $60 per barrel this morning, before pulling back, as the market focused on new signs of economic stabilization and a weaker US dollar.

Crude oil futures for June delivery touched $60.08 per barrel early this morning. This is the first time oil prices have been over $60 per barrel in five months.

Oil prices were largely supported by a surge in Chinese investment spending, which included a big advance in transportation spending.

Crude prices were also boosted by a drop in the value of the US dollar against many foreign currencies. An increasing appetite for risk investment put broad-based selling pressure on the US dollar today. As a result, the US dollar index, a measure of value against six world currencies, hit a three and a half month low.

Meanwhile, gold for June delivery was up to $920 an ounce today.

– luke